Realtime Payments, Any Hour, Any Day of the Week

Australians will now be able to make instant electronic payments at any time of the day, with the launch of the New Payments Platform (NPP) today.

The Turnbull Government welcomes the launch of the new platform which is set to revolutionise the payments process for millions of Australians, making payments faster and simpler for consumers and businesses.

Using the NPP, Australians will be able to transfer money to each other instantly, 24/7, on any day of the week, including weekends and public holidays. This overhaul of the payments system means Australians will no longer have to wait for bank transfers and payments to arrive in their account.

Gone will be the days of frustrating three-day waits for transfers between accounts of different banks. Customers will be able to securely pay businesses, split restaurant bills with their friends, and pay a tradesperson instantly.

Customers will also be able to include more information with their payments, such as additional text, invoices and receipts. This simplified approach will help businesses to make payments quickly and efficiently and let them get back to running their business.

The NPP has been collaboratively designed and built by 13 key Australian financial institutions, including the Reserve Bank of Australia and the major banks, with the support of the Turnbull Government. Other financial institutions will be able to connect to the NPP directly or via an existing participant that offers connection services to smaller financial institutions.

Initially, around 60 banks, building societies and credit unions will be connected to the NPP, with more to connect over the coming months.

Bank customers will be contacted with details of when and how they can access the new services and asked to nominate a PayID code - such as a phone number, email address or ABN - that will identify you. No more having to remember BSBs and account numbers in order to make or receive payments.

PayID will also provide more assurance about payments by letting users see the name of the individual or business they are paying, before the payment is finalised.

The NPP will also provide the infrastructure for new and innovative payment services. The first of these –Osko – will commence rolling out from today.

Osko by BPAY will let people make instant direct payments to other users through online and mobile banking portals without needing to download a separate app. Over time other innovative services will also look to make use of the data-rich message capability of the NPP.

The launch today complements the Government’s FinTech agenda, and I look forward to the development of other NPP services that will add even more convenience, functionality and efficiency to how individuals and businesses make payments.

The financial institutions that have built the NPP have had security and fraud prevention front of mind during its development.

Financial institutions already use real-time credit card fraud detection and online banking authentication tools to protect customers.


They are building on these tools as they roll out the NPP to customers, including:

      • real time payments can only be made by customers logging in to their usual internet or mobile banking platform and authorising a payment;
      • banks will use a number of innovative fraud detection tools to identify, stop and examine unusual or suspicious payments;
      • PayID enables customers to check the name of the account holder they are paying before authorising a payment; and
      • the NPP itself is certified to the highest data security standards and is monitored 24/7.

As with any Australian financial services, consumers should continue to remain vigilant about scams asking them for payment or for logins and passwords. Customers should contact their financial institution if they have any suspicions about anyone asking for payment or account information.

Further information is available at or from individual financial institutions.